On energy landscape, German giant RWE enters Greek market
Germany’s RWE is entering the Greek market by teaming up with PPC to develop large scale solar projects with a total capacity of up to 2 gigawatts (GW), the two companies said in a statement.
The collaboration is seen helping the Greek power utility to decarbonize its portfolio and move to renewable energy sources. For RWE, the deal marks the entry into a high growth market.
RWE Renewables will hold 51% in the joint venture with the remainder going to PPC Renewables, which will contribute nine solar projects up to a combined total of 940 megawatts (870 MWac). The projects are located in northern Greece’s west Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine.
RWE Renewables has secured a Greek photovoltaic project pipeline of similar size for the purpose of including it in the joint venture. The photovoltaic projects are in various stages of development: The advanced projects are expected to start operating in 2023. Further early stage projects could follow in 2025. No financial details of the deal where provided.
“PPC is committed to leading the energy transition in the country. Our extroversion is essential for the group’s transformation. Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal. Today marks a significant milestone in our journey, we welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country,” said Konstantinos Mavros, CEO of PPC Renewables.
RWE Renewables has an extensive track record and expertise in engineering, financing, construction and operations of renewable energy projects. The company has an operational renewables portfolio with an installed capacity of more than 9 GW and is currently constructing photovoltaic plants with a total capacity of 1.4 GW (1.2 GWac) worldwide.
PPC Renewables has in-depth knowledge of the Greek energy market, strong relationships with key stakeholders and is well positioned to provide strong local management. Underlining their long-term commitment to the Greek market, RWE Renewables and PPC Renewables have the ambition to extend their cooperation to further photovoltaic projects as well as new opportunities.
“European collaborations, like our partnership with PPC, are essential to making the energy transition happen. Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables. As one of the world’s leading renewable energy companies we will contribute significantly with our experience and knowledge to ensure this cooperation is a success. Growing new renewable energies is the clear focus for RWE,” said Katja Wünschel, COO Onshore and PV Europe and Asia-Pacific of RWE Renewables.